$ATER
Aterian, Inc.

2021 Q2 Form 10-Q Financial Statement

#000156459021042357 Filed on August 09, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2 2020 Q1
Revenue $68.19M $59.80M $25.63M
YoY Change 14.03% 96.92% 43.57%
Cost Of Revenue $35.45M $32.20M $15.33M
YoY Change 10.08% 73.04% 37.18%
Gross Profit $32.74M $27.60M $10.30M
YoY Change 18.63% 134.69% 54.37%
Gross Profit Margin 48.02% 46.15% 40.18%
Selling, General & Admin $49.30M $26.97M $21.91M
YoY Change 82.8% 12.31% 73.36%
% of Gross Profit 150.57% 97.72% 212.79%
Research & Development $2.324M $2.450M $2.280M
YoY Change -5.14% 31.72% 96.55%
% of Gross Profit 7.1% 8.88% 22.14%
Depreciation & Amortization $1.685M $40.00K $40.00K
YoY Change 4112.5% 0.0% -33.33%
% of Gross Profit 5.15% 0.14% 0.39%
Operating Expenses $28.28M $29.42M $24.19M
YoY Change -3.89% 7.54% 75.28%
Operating Profit $4.468M -$1.821M -$13.90M
YoY Change -345.36% -88.32% 94.84%
Interest Expense $4.802M $1.084M $1.133M
YoY Change 342.99% -15.84% -6.6%
% of Operating Profit 107.48%
Other Income/Expense, Net -$5.000K $10.00K -$25.00K
YoY Change -150.0% -23.08% -44.44%
Pretax Income -$36.27M -$2.890M -$15.03M
YoY Change 1154.84% -82.86% 79.16%
Income Tax $41.00K $50.00K $0.00
% Of Pretax Income
Net Earnings -$36.31M -$2.937M -$15.03M
YoY Change 1136.16% -61.48% 79.16%
Net Earnings / Revenue -53.24% -4.91% -58.65%
Basic Earnings Per Share -$1.23
Diluted Earnings Per Share -$1.23 -$190.5K -$989.5K
COMMON SHARES
Basic Shares Outstanding 29.55M
Diluted Shares Outstanding 29.55M

Balance Sheet

Concept 2021 Q2 2020 Q2 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $61.93M $17.20M $14.10M
YoY Change 260.08% -56.46% 8.46%
Cash & Equivalents $61.93M $17.19M $14.05M
Short-Term Investments
Other Short-Term Assets $12.72M $6.600M $4.800M
YoY Change 92.67% 13.79% -4.0%
Inventory $75.51M $27.30M $44.30M
Prepaid Expenses
Receivables $16.26M $8.600M $4.200M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $166.4M $59.90M $67.30M
YoY Change 177.84% -26.05% 24.86%
LONG-TERM ASSETS
Property, Plant & Equipment $1.350M $100.0K $200.0K
YoY Change 1250.0% -37.11% 0.0%
Goodwill $118.6M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.552M $200.0K $200.0K
YoY Change 1676.0% 48.15% -33.33%
Total Long-Term Assets $192.6M $1.300M $1.400M
YoY Change 14718.15% 342.18% 180.0%
TOTAL ASSETS
Total Short-Term Assets $166.4M $59.90M $67.30M
Total Long-Term Assets $192.6M $1.300M $1.400M
Total Assets $359.1M $61.20M $68.70M
YoY Change 486.7% -24.72% 26.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $39.46M $15.00M $21.70M
YoY Change 163.03% 9.06% 56.12%
Accrued Expenses $23.52M $8.600M $6.000M
YoY Change 173.47% -28.33% -29.41%
Deferred Revenue
YoY Change
Short-Term Debt $9.955M $18.20M $23.90M
YoY Change -45.3% -2.67% 18.91%
Long-Term Debt Due $72.79M $6.000M $4.500M
YoY Change 1113.18%
Total Short-Term Liabilities $161.7M $48.20M $56.60M
YoY Change 235.45% 7.21% 32.24%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $7.700M $9.100M
YoY Change -100.0% -41.67% -30.53%
Other Long-Term Liabilities $21.60M $0.00 $0.00
YoY Change -100.0%
Total Long-Term Liabilities $21.60M $7.700M $9.100M
YoY Change 180.52% 64066.67% -30.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $161.7M $48.20M $56.60M
Total Long-Term Liabilities $21.60M $7.700M $9.100M
Total Liabilities $183.3M $56.00M $65.70M
YoY Change 227.3% -3.75% 17.53%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $175.8M $5.222M $2.995M
YoY Change
Total Liabilities & Shareholders Equity $359.1M $61.20M $68.70M
YoY Change 486.7% -24.72% 26.29%

Cashflow Statement

Concept 2021 Q2 2020 Q2 2020 Q1
OPERATING ACTIVITIES
Net Income -$36.31M -$2.937M -$15.03M
YoY Change 1136.16% -61.48% 79.16%
Depreciation, Depletion And Amortization $1.685M $40.00K $40.00K
YoY Change 4112.5% 0.0% -33.33%
Cash From Operating Activities -$24.34M $8.170M -$17.09M
YoY Change -397.87% -286.96% 43.34%
INVESTING ACTIVITIES
Capital Expenditures -$19.06M $0.00 $18.00K
YoY Change -100.0% 38.46%
Acquisitions
YoY Change
Other Investing Activities -$10.58M $0.00
YoY Change
Cash From Investing Activities -$29.65M $0.00 -$18.00K
YoY Change -100.0% 80.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 73.42M -5.020M 803.0K
YoY Change -1562.63% -116.23% -82.65%
NET CHANGE
Cash From Operating Activities -24.34M 8.170M -17.09M
Cash From Investing Activities -29.65M 0.000 -18.00K
Cash From Financing Activities 73.42M -5.020M 803.0K
Net Change In Cash 19.44M 3.150M -16.30M
YoY Change 517.17% -88.14% 123.18%
FREE CASH FLOW
Cash From Operating Activities -$24.34M $8.170M -$17.09M
Capital Expenditures -$19.06M $0.00 $18.00K
Free Cash Flow -$5.272M $8.170M -$17.11M
YoY Change -164.53% -287.39% 43.34%

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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates<span style="font-weight:normal;">—</span><span style="color:#000000;font-weight:normal;"> Preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period covered by the financial statements and accompanying notes. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from those estimates</span><span style="font-weight:normal;">. </span></p>
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CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
9.21
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
471000
CY2021Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2459000
CY2020Q4 ater Accrued Expenses And Other Liabilities Current
AccruedExpensesAndOtherLiabilitiesCurrent
8340000
CY2021Q2 ater Accrued Expenses And Other Liabilities Current
AccruedExpensesAndOtherLiabilitiesCurrent
24673000
CY2020Q2 ater Line Of Credit Facility And Term Loan Interest Expense
LineOfCreditFacilityAndTermLoanInterestExpense
600000
CY2021Q2 ater Line Of Credit Facility And Term Loan Interest Expense
LineOfCreditFacilityAndTermLoanInterestExpense
100000
CY2020Q2 us-gaap Debt Related Commitment Fees And Debt Issuance Costs
DebtRelatedCommitmentFeesAndDebtIssuanceCosts
200000
CY2021Q2 us-gaap Debt Related Commitment Fees And Debt Issuance Costs
DebtRelatedCommitmentFeesAndDebtIssuanceCosts
100000
ater Line Of Credit Facility And Term Loan Interest Expense
LineOfCreditFacilityAndTermLoanInterestExpense
1200000
ater Line Of Credit Facility And Term Loan Interest Expense
LineOfCreditFacilityAndTermLoanInterestExpense
400000
us-gaap Debt Related Commitment Fees And Debt Issuance Costs
DebtRelatedCommitmentFeesAndDebtIssuanceCosts
400000
us-gaap Debt Related Commitment Fees And Debt Issuance Costs
DebtRelatedCommitmentFeesAndDebtIssuanceCosts
100000
CY2020Q2 us-gaap Interest Expense
InterestExpense
1084000
CY2021Q2 us-gaap Interest Expense
InterestExpense
4802000
us-gaap Interest Expense
InterestExpense
2217000
us-gaap Interest Expense
InterestExpense
9552000
CY2020Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
7000
CY2021Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
127000
us-gaap Investment Income Interest
InvestmentIncomeInterest
31000
us-gaap Investment Income Interest
InvestmentIncomeInterest
460000
CY2020Q2 us-gaap Interest Income Expense Nonoperating Net
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-1077000
CY2021Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-4675000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-2186000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-9092000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1570728
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.09
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
12756000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
978495
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
9.01
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
29705
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
9.23
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
562528
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.21
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
3049000
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
467528
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
9.12
CY2021Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
2574000
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
562528
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
3049000
CY2021Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
1500000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P0Y4M6D
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5171000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4862000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12610000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11760000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-2937000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-36306000
us-gaap Net Income Loss
NetIncomeLoss
-17967000
us-gaap Net Income Loss
NetIncomeLoss
-118859000
CY2020Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
15425312
CY2021Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
29547781
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
15308966
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
27886582
CY2020Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.19
CY2021Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.23
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.17
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-4.26
CY2020Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
500000
CY2021Q2 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
700000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
59800000
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
68188000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
85428000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
116324000
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1821000
CY2021Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
4468000
us-gaap Operating Income Loss
OperatingIncomeLoss
-15717000
us-gaap Operating Income Loss
OperatingIncomeLoss
-23286000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
59800000
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
68188000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
85428000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
116324000
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1821000
CY2021Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
4468000
us-gaap Operating Income Loss
OperatingIncomeLoss
-15717000
us-gaap Operating Income Loss
OperatingIncomeLoss
-23286000
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
59800000
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
68188000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
85428000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
116324000
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1821000
CY2021Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
4468000
us-gaap Operating Income Loss
OperatingIncomeLoss
-15717000
us-gaap Operating Income Loss
OperatingIncomeLoss
-23286000
CY2020Q4 ater Acquisition Date Fair Value Of Contingent Earn Out Liabilities
AcquisitionDateFairValueOfContingentEarnOutLiabilities
9800000
CY2020Q4 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
22531000
ater Acquisition Date Fair Value Of Contingent Earn Out Liabilities And Inventory To Be Settled In Shares
AcquisitionDateFairValueOfContingentEarnOutLiabilitiesAndInventoryToBeSettledInShares
20971000
ater Business Combination Contingent Consideration Change In Fair Value Of Contingent Earn Out Liabilities
BusinessCombinationContingentConsiderationChangeInFairValueOfContingentEarnOutLiabilities
-7704000
CY2021Q2 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
35798000
CY2019Q4 us-gaap Goodwill Gross
GoodwillGross
745000
CY2020 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
46573000
CY2020Q4 us-gaap Goodwill Gross
GoodwillGross
47318000
CY2020Q4 us-gaap Goodwill
Goodwill
47318000
CY2020Q4 us-gaap Goodwill Gross
GoodwillGross
47318000
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
71301000
CY2021Q2 us-gaap Goodwill Gross
GoodwillGross
118619000
CY2021Q2 us-gaap Goodwill
Goodwill
118619000
CY2019Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
333000
CY2020 us-gaap Finitelived Intangible Assets Acquired1
FinitelivedIntangibleAssetsAcquired1
31611000
CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
31944000
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
484000
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
31460000
CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
31944000
us-gaap Finitelived Intangible Assets Acquired1
FinitelivedIntangibleAssetsAcquired1
40500000
CY2021Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
72444000
CY2021Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3329000
CY2021Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
69115000
CY2021Q1 ater Warrant To Purchase Aggregate Shares Common Stock
WarrantToPurchaseAggregateSharesCommonStock
750000
CY2021Q1 us-gaap Warrant Exercise Price Decrease
WarrantExercisePriceDecrease
33.56
CY2021Q1 ater Warrant To Purchase Aggregate Shares Common Stock
WarrantToPurchaseAggregateSharesCommonStock
469931
CY2021Q1 us-gaap Warrant Exercise Price Decrease
WarrantExercisePriceDecrease
25.10
CY2021Q2 ater Warrant To Purchase Aggregate Shares Common Stock
WarrantToPurchaseAggregateSharesCommonStock
2259166
CY2021Q2 us-gaap Warrant Exercise Price Decrease
WarrantExercisePriceDecrease
31.74
CY2021Q2 ater Warrants Prior To Day
WarrantsPriorToDay
60 days

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